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CNBC
Feb 14, 2013 4:00am EST
mega merger is cleared for takeoff. reports say the boards at amr and us airways sign off on their $11 billion deal to create the world's biggest airline. >> announcer: you're watching "worldwide exchange," bringing you business news from around the world. >> all right. you're wearing an appropriate valentine's day shirt. >> i am. i tried. there's a little bit of pink if we look at your tie very closely. if you want to know what's happening in the markets today, hold on, ubs, the valentine's day gdp's massacre. >> yes. >> because if you look at when it's japan shrinking at an annualized rate, germany coming in on quarter on quarter, france coming in -- well, we know they had a recession earlier in the year, as well. minus 0.9% on the quarter been minus 2.7 on the year. >> oh, that's brutal. >> it's the sixth consecutive contraction and that match tess recession of 1992 to 1993. the minus 0.9, it was forecast at minus 0.6 is the slash gdp. >> and italy has been down 2.7% on the year, but this is something in the range of almost a 4% annualized drop until the year from a year earlier. >>
CNBC
Feb 25, 2013 4:00am EST
of 75 against the euro, as well. darren maher joins us. there's been quite a big move already in sterling before this announcement, one wonders actually whether the ratings downgrade, now it's on a stable outlook, is perhaps the end of the weakness in sterling. >> i suspect not, to be honest. we can talk about it being a move and certainly over the last couple of years, there has been a big shift in cable. frankly, this has been a relatively small move. we can't say as of yet it's overshoot. i don't think the market will take great solace that we're now in a stable outlook from moody's because i think everybody recognizes the uk is still fragile and the growth position is more fragile, so i think more down side is possible. >> but what is in the price, darren? >> i think from this point forward is how much slippage do we get. i would say it's more what's in the price and what's in the price for sterling is the market has given the uk a lot of good will that it will be able to mix this wonderful growth of austerity. i think what the market is now doing is reappraising that. that n
CNBC
Feb 22, 2013 4:00am EST
implications and the credit issue might come back. therefore, this was very important for us to stay in positive risk environment. >> hans, we're seeing the response to the upside now. second highs, 1.32. are you sticking by your thoughts that it is still heading towards 1.30? >> we have to make it clear that in the next quarter or two the euro has upside potential and not downside potential. then the longer prospect for the euro is still very swb very negative. why is this euro overshoot taking place? it has a lot to do with the increasing negative correlation with the yen. so the euro is the anti-yen. that implies that when we were seeing the yen coming under selling pressure, japanese investors, where are they currently investing? investors are investing in fixed income. in many cases, very little yields left so that actually means the peripheral of europe sticks out. you need to have some preconditions. the most important, the yen has to stay weak, but secondly we should not run into any politically motivated problem with the euro. that would be a killer for that type of trade. >> a
CNBC
Feb 26, 2013 4:00am EST
quite cautious on intesting in equity markets. >> give us some of the names it's least like or you most prefer. >> in this scenario with this outcome, the most preferred shares, as i say, less exposed to italy, more or less. we are suggest iing salvatora degamo and we are suggesting recordati. all share low exposure to italy and low level of debt. >> you can put your drink on and camporas you can drink your troubles away. time for a drink, then, ross. back to you. >> thanks for that. plenty more to come from steve and julia from milan. joining us now is annalisa pietta. clearly going into this, investors priced in stability. the question is, where does this leave the ecb's omt backstop, bearing in mind that for it to be enacted you need a government that can deliver reform. >> what we see at the moment is that even with the chance of having a great -- going forward, at least to form a temporary government, probably they will have no numbers to actually implement the reform to activate the omts. too big political parties, big coalition, they would need to move out the divergence has
CNBC
Feb 11, 2013 4:00am EST
did. >> daniel day-lewis picked up an award. help recap for those of us who didn't catch the whole thing or any of it, frankly, but yeah, britain's big film night. now it's time for the u.s. in a couple of weeks. >> besides that, plenty of other things we're looking at today. another day, another summit in brussels. we'll take you to the latest gathering in cypress today. >> egypt's opposition parties are calling for massive rallies in cairo to mark a second anniversary. >> and a secelebration of carnivale. is the party here to stay? >> lots of pressure on brazil with the olympics coming up. >>> and we'll head to know-covered boston for a look at how airlines are coping after nemo. >>> barclay's is looking at cleaning up the bank's image. anthony jenkins is due to give a speech on tuesday. others on the closure and other cost cuts say not expecting sun valley to have a major overall. at the same time, the british parliamentary commission on banking stands are set to continue. steven hester is reportedly on track to receive a 780,000 pound bonus despite other executives had their pa
CNBC
Feb 13, 2013 4:00am EST
. >>> and president obama uses his state of the union speech to urge congress to end the battle over the budget and work together to boost the u.s. economy and help the middle class. >> together we have cleared away the rubble of crisis. we can say with renewed confidence that the state of our union is strong. >>> there we go. >> who doesn't love to kick off a wednesday morning with the iea monthly oil report? >> they have lowered their oil demand growth expectations on weaker gdp forecasts. demand growth, 840,000 barrels a day in 2013. they've cut the forecast for opec crude to 29.8 million barrels a day. they say oil supply will hit a 12-month low in january. >> can we show crude and look at the reaction there? we'll take a look in one second. what else are they saying in this report? >> they say the non-opec supply will be rising. opec supply will be falling. non-opec supply is rising, one million barrels a day this year. then they talk about iran oil production hovering below the lowest in 30 years. new sanctions could see further declines in iranian output. they say the sanctions ar
CNBC
Feb 15, 2013 4:00am EST
been there all week and he joins us again this morning. steve, we actually finally start the meetings today. we've had comments out from the russian finance minister, as well. what's he saying? >> well, he's trying to get us back on track on to a growth agenda, which when you look back at what the agenda was a couple of meetings ago back in toronto in 2010, that was sorely missing. that was about harboring deficits and having firm targets. it hasn't really worked, has it? what they've said is our growth estimates were slightly optimistic. listening to what some of the policymakers are saying this time around, the likes of mario draghi, i'm scratching my head a little bit. there's some uncontentious stuff. i can live with that. range of financial market indicators showing situation normalizing. but what about this bit? currency chatter is inappropriate, fruitless and self-defeating. hang on a second, mr. draghi. it wasn't us, the journalists that started this. it was policymakers. it was the g- 7. it's incestble we're going to start rumbling about this. i can't help but thinki
CNBC
Feb 12, 2013 4:00am EST
shares for 2013 is off to a fairly roam start. joining us first is oliver ralph, financial times lex writer. oliver, thank you so much, indeed, for joining us. what do you make for what you've heard from anthony jenkins this morning? they're obviously trying to say it's going to take time, we're trying to restore our reputation. is it the right thing? >> yeah, it is the right thing. they've launched the business. the core of the bank remains the same. london investment bank and new york investment bank. the core of the bank remains the same. they're making changes around the area and the core of it is as it was. >> talk about the investment bank in particular. this has been the place where not just barclay's, but a lot of the competitors, too, try and wind things down. this is a place that's been pretty profitable in the last quarter. >> it is. and they're tied slightly with the investment bank. it's a big part of barclay's profit so he couldn't make big changes. he's announced radical cuts last year. that said, he has promised changes to bring costs down which would shift the ba
CNBC
Feb 4, 2013 4:00am EST
michael brown to help us through things. coming up on the program, we'll head out to hong kong where china is requiring a reinstruct during of the economy. >>> after that, of course, the super bowl wasn't just one of the on biggest sporting events of the year, it was one of the biggest days of the year for madison avenue. we'll take a look at which ads were touchdowns and were ads were fumbles. >> mariana rajoy meets angela merkel. >>> plus, upcoming elections that sylvia berlusconi has called his last great electoral and political battle. >>> the power to split up uk banks if they fail to -- activity. george osborne is expected to give the bank of england the responsibility to make sure banks are involved in these activities. you have to love the extended analogy. watch the george osborne speech live here at 10:30 local for those of you here with us in the uk. in the meantime, there are more charges at the top over at barclay's. last night, the bank's financial chief and financial chief announced their leaving. tomorrow, barclay's ceo anthony jenkins will face questions in parliament over
CNBC
Feb 7, 2013 4:00am EST
? joining us is sophie wynn. how much expectation is built into the pound ahead of this? the expectation is he's going to come in and be fairly dovish. it's a risk that he isn't and, therefore, the pound strengthens. >> we think that the market may be disappointed with the announcement. we don't think we are going to hear anything radical on this statement by the upcoming governor. >> why? >> well, basically, i think, you know, the expectations are that the ecb is going to go for a nominal gdp target at least for some time. and we think the risks are too much for them to -- for the government to pursue these sort of bodies. he will entertain -- before going for this. >> the bank of england will be under some pressure. currencies don't act in a vacuum. so as we see other potential moves to weakening currencies around the globe, we're at 1.5668. where might this pair be headed, then, if you're not expecting carney to come in and immediately talk or wind up having effective currency lower? >> we think the guarantee should weaken readily. we don't think the currency will be, you
CNBC
Feb 21, 2013 4:00am EST
overnight. the shanghai composite, the australian markets taking it on the chin. will i sixuan joins us from singapore. >> thank you, kelly. fears of an early access by the fed rocks sentiment here in asia today. the nikkei pulls back 1.4% from its 52-month high. investors remain cautious ahead of the decision on the next boj chief. construction equipmentmakers were down after caterpillar reported slowing sales for the quarter ending january. but batterymaker gsyuasa reported a fix over long-term battery problems. the shanghai composite tumbled to 3% today. commodity place were under a lot of pressure today after the u.s. fomc minutes raised the possibility of a qe asset. development and cementmakers rose. financials said their losing streak on fears of monetary easing. shares in the hang seng fell 1.7%. belle international fell 15% after learning the profits would be at the lower end of its forecast. the kospi ended lower by 0.5%. steelmakers took the worst hit. the asx 200 lose 2.3%. the fed minutes took a toll on aussie miners ending well in the red. index action on the sensex now sh
CNBC
Feb 20, 2013 4:00am EST
wealthiest individuals and what it means for business. billionaire udai kotak joins us in 20 minutes' time. >>> plenty coming up including sony which is heading to the bill apple for a major on, national endowment. will the game console giant take the wraps off its rumored playstation? expert analysis at 11:20 cet. >>> and bhb bulletin has posted a steep fall in earnings for the first time in the year. the australian mining giant announced change at the top after the 43% drop in profit. we have more on this report from sydney. >> reporter: the surprise at bhp, billiton's ceo mariu marius kloppers announcement coming earlier than expected. >> coincided today with a weaker pricing environment. but two totally unrelated events. >> reporter: he will be replaced by andrew mckenzie, current head of bhp's middles division. he's well regarded in the industry and says don't expect a change in strategy. listen in. >> there's lots of things that are great about this company. i have no intention of changing. we have a fabulous strategy that's served our shareholders extremely well. you've heard from j
CNBC
Feb 18, 2013 4:00am EST
for a roundup of the candidates policies and pit falls. julia will join us for that. >>> and hear state from the finance ministers. we have a roundup of the g-20 meeting in moscow. >> and london fashion week is under way and international expansion seems to be the latest trend. we'll hear from top designers who are putting their foot forward on the global runway. >>> first, standard & poors says it wants more time to gauge shinzo abe's rating policies. s&p says recent policies could reflat japan's economy. but the government's books will continue to be weighed down by heavy debt. that's even if plans go ahead to raise a sales tax. there's a one in three chance of a downgrade this fiscal year. this is as the japanese prime minister shinzo abe says he will consider changing the bank's mandate. he didn't comment on current policy. all this as investors determine who will become the bank of japan's next governor. front runners for the post include former bank of japan deputy governor and the head of the asian development bank harikahiko tura. >> we did catch up with taro at a meeting
CNBC
Feb 6, 2013 4:00am EST
. >> your profit suggested, wpp, ppr, nordia -- >> these names occurred for us. wpp had a strong run so far this year, up 13.14%. saying you have to take money off the table. come back 1.5%. we're saying, look, if you're chasing on the basis of the last phase momentum, you're going to get a better opportunity to buy wpp. we were buying wpp in november. the sent to come our recommendations are put out on a daily basis, it's important to recognize that these are shorter term, takes some profits here. don't just sit there and wait for it to give back 5%, 6%, because you can make money out of that opportunity. what we're saying is you don't go short here. it's a difficult market to go short in. people will buy these things at more reasonable prices. something's gone up 12%, inevitably it's going to be some correction phase. there's a wave of people who dent didn't buy in november -- like ross' failure to buy the nikkei before christmas -- >> exactly. >> there are a lot of people who said with hindsight that was an obvious trade. obvious trades are never good at the time because they don't d
CNBC
Feb 27, 2013 4:00am EST
week. kelly is traveling back from the world mobile congress in barcelona and will join us in the next couple of shows, just not today. we'll be in berlin for the super return conference. is dea-- is dealmaking back? we'll be there to find out. >>> plus, retail giants limited, target, tjix, and jcpenney set to report earnings today. we'll head out for a checkup and to find out how much of an impact hurricane sandy has made on profits. >>> it was a budget day in hong kong. we'll head out east to get all the data as the city's poised to enjoy a return to higher growth. >>> and we fly tout singapore to speak to the global head of trade at hspc who think that the face of trade is changing as more high-end products are due to be exported out of emerging markets. >>> bides all of that -- besides all of that, the focus is on the auction in italy. that will hit the tape in an hour and ten minutes. how much will italy have to pay for its political impasse? rome looking to sell between three and four billion euros of a ten-year issue. this was the six-month auction producing the most since 2012,
CNBC
Feb 5, 2013 4:00am EST
. carolyn is in zurich for us covering the story. she's been speaking to the ubs ceo and joins us now. hi, carolin. >> good morning to you, ross. ubs shares has been on quite a sole tile ride this morning. firsts they were down at the open and now they're higher by 1%. numbers, as you said, they were better than expected. now, we knew that ubs was going to post fourth quarter and full year net loss. as you said, this is largely because of this $1.5 billion libor related fine. on top of that, you've got restructuring losses, losses on its own debt. we knew that ubs was going to post this lost, but it was smaller than expected at 1.9 billion swiss francs. apart from that, numbers looking pretty good, actually. capital very strong. if you look above the 3 capital, that came in at 9.8%, among the best in class. ubs raised the dividend to 15 cents a share. that's an increase of 50%. and as you pointed out, the risk rate reduction is even ahead of schedule. that is what is pleasing analysts this morning. but on the other side of the coin, they've got net new inflows which were disappoin
CNBC
Feb 8, 2013 4:00am EST
is with us in brussels or she will be with us in a few moments' time. what is key about this is -- well, we'll wait for julia. it's being portrayed as a victory for david cameron. right. because cameron wanted to at least freeze the eu budget. what's interesting, though, if this does happen, what it suggests for britain's contribution, will it be going up? there are a lot of different ways in which this could play out. infrastructure, research and development, those kinds of things. >> while we wait for julia, let's bring in marshall alexandervich. marshall, thanks for joining us. how much does it matter what happens with the eu budget? for governments, it's easier for them to go back to the lecture and say you're dealing with austerity, don't worry, we've cut the budget. >> well, i think it's a political move more than anything else. the sort of cuts we're talking about are purely symbolic. the eu budgets, 1% more, 1% less. i think what does matter is that they take home a victory from brussels saying we have austerity here. it gets them a few points in the uk prep. but beyond
CNBC
Feb 1, 2013 4:00am EST
. the group posting a loss of about 2.5 billion euros. more than analysts estimate. stephane is with us in madrid. it's interesting to see these shares have turned around a little bit. >> yeah. we've seen an improvement, especially after the publication of the pmi, the manufacturing pmi in spain for the month of january. we're still in contraction. but the situation has improved slightly if you compare to december. 46.1 for the manufacturing pmi in january. that's to compare with 44.6 in december. that was, of course, the 21st consecutive month in contraction for the manufacturing activity in spain. but that was a bit of an improvement. as for the bank today, we've seen a negative solid trading for the banking sector in spain. the reason for that is the end of the short selling ban that was listed yesterday evening by the stock market regulator. i think this newspaper is the one that summarizes very well the situation. it's [ speaking foreign language ]. after that decision made why he yesterday. plenty of numbers to digest. full year profits down 40% for bbva, the second largest spanis
CNBC
Feb 19, 2013 4:00am EST
voters. someone who can tell us about that is julia chatterly joining us from milan where she's been keeping an eye on the ground. hi. >> hi, kelly. as you said, it's interesting timing for berlusconi on this particularly given this suggestion that he's getting back in politics to discuss his legal issues. he's announced a five-point plan and quite frankly, something that needs addressed in this country, it needs simplified and refining. i have to find this quite strange. point four suggests authorities should acknowledge good faith and point number five, fiscal rules should be respected without fear. he's already offered a tax amnesty if he wins this election. mr. berlusconi, if you're watching, we would love to speak to you about your election. it is great comparing the old guard such as sylvia berlusconi and the new guard. you might be able to hear the crashing and banging going on behind me. there will be a big rally going on tonight fort bepe grillo, the leader of the five-star movement. i'm going to speak to him later on. i also managed to karch up with the mayor of milan
CNBC
Feb 28, 2013 4:00am EST
japan. sixuan has more details for us in asia. hi, sixuan. >> i thank you, ross. yes, it's official. the japanese government has nominated harihiko kuroda as the bank of japan chief. but the appointment is still subject to approval, but lawmakers in both the lower and upper houses. kuroda will ask for nominees. they will get their testimony in parliament in the coming days. this is good news for equity investors. kuroda has been pegged as an advocate of radical easing and a tough deflation fighter. he has been pushing for more aggressive bond buying and has the boj will be able to meet the 2% inflation target in just two years. the nikkei 225 opened up 1% at the get-go with the market fully accepting these nomination peps it finished the day up a solid 2.7%. back to you. >> okay, sixuan, thanks for that. joining us now is masuki kitchikawa. thanks very much for joining us. with this appointment, what happens now? >> well, actually, the nomination of mr. kuroda is a best of choice in my view because he's a very strong performer for more aggressive monetary easing. but as a former min
Search Results 0 to 19 of about 20